Mortgage, Money and Dream – Our thoughts on Canadian Mortgage Market
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Home buyers mortgage choices – in pictures

Home Buyers Rate Choices

The result of a survey conducted by CIBC are presented here in charts. The overall home buyers preference may have nothing to do with individual situations. Each situation is different and should be treated on their own merits.

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Provincial Regulators are considering stricter regulations for CU’s

Apart from banks there are many financial institutions that can provide a borrower with a mortgage. Credit Unions are non-bank lenders. Credit Unions are provincially regulated. A list of Credit Unions operating in Ontario can be obtained from here. Federal Government has been actively trying to bring […]

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Best Practices for a Mortgage Insurer – Introduced by OSFI

Almost two years ago, OSFI introduced the idea of Residential Mortgage Underwriting for the lenders. It promised that there will be one for the insurer too. Now it has delivered on that promise. In its new B-21 guideline it has outlined the expectations for prudent residential mortgage […]

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Bank of Canada maintains the target interest rate at 1%

Canadian prime rate and Bank of Canada overnight rate - April 2014

Bank of Canada today announced that it will maintain the key interest rate at 1% till first week of June. The bank expects that the economic conditions will improve in near future and slowly inflation will head North. For now housing is still in a very tricky […]

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Interest rates – are they really going up?

Canadian five years bond yield - 2014- April
In the broader residential mortgage perspective there are two types of interest rates. One is variable interest rate, another is fixed interest rate. Variable rates depend on bank prime rate which is supposedly anchored to Bank of Canada overnight lending rate. The central bank’s target rate is [...]Read more

Jim Flaherty passes away at 64 – living his legacy behind

Jim Flaherty
Source: Joshua Sherurcij | Wikipedia

Jim Flaherty served as Canadian Minister of Finance from 2006 to 2014. He has served Canadian during tough times. Canadian financial sector remained robust and unharmed during his tenure while many parts of the world was trembling. Under his stewardship Canadian mortgage landscape was rebuilt to withstand […]

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Homeownership 101 – What people think

Homeowners do realise that owning a home is not an easy task. It requires a lot of hard work and prolonged financial stress (for the ones with mortgage) – but still owning a home brings piece and comfort for the people. Owning their own home gave them [...]Read more

Mortgage Brokers in Ontario – don’t be tricked by renewal numbers

It is license renewal season for Ontario mortgage brokers and agents. This time of the year is also a busy season for the brokers. A lot of home buyers are searching for mortgage as they prepare to move into the new home coming spring and early summer. […]

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Mortgage defaults – remained stable for a while

Actual five years fixed mortgage rates offered by brokers

Apart from Alberta, numbers of mortgage defaults or payment misses have remained steady for last two years. Average Canadian mortgage arrear rate has stabilized close to 0.3%. Actual mortgage rate stayed almost flat during this period. That suggests a close correlation between the two – interest rate […]

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Whatever will happen to mortgage rates if house price fall

Mortgage rate and house price both are very much intertwined. Experts often argue about which one of the two influences the other. Actually it is impossible to say which of two things went down/up first or caused the other to surge/drop. So far, in last ten years […]

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Fixed Vs Variable – No Clear Winner

Economists from BMO thinks that fixed rate mortgages have made a comeback in recent months. How much of this is actually applicable to an individual – remains debatable. The real truth about a mortgage is that it is unique for each of us. Each borrowers and lenders […]

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Lowest qualifying rate in recent history – 4.99%

Variable rate qualifying rate drops again

Many lenders are still qualifying borrowers with an above 5% interest rate. According to Bank of Canada the lending rate (Conventional mortgage – 5-year) stands at 4.99%. The same rate is generally used to qualify a borrower who is seeking less than 5 years fixed terms or […]

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